Hong Kong Boosts Spending on Social Programs

HONG KONG—Awash in cash from its booming real-estate market, Hong Kong is boosting spending on social programs but saving most of its unexpectedly large budget surplus in case of a downturn.

Unveiling the city's 440 billion Hong Kong dollar (US$56.8 billion) budget, Financial Secretary John Tsang offered HK$33 billion in one-off stimulus measures including tax cuts, roughly the same level he gave out a year earlier. However, total...